Lesson 2:
What are blocks, miners, and block production doing? 🤷‍♀️🤷🤷‍♂️

You may have heard that "a large number of miners are mining Bitcoin every day," but what exactly are they "mining"? Why mine?

Imagine the blockchain as a ledger, where each page is a "block."

Miners act as the copyists and referees of the ledger:

1️⃣ First, collect all recent transactions
2️⃣ Verify if the transactions are legitimate
3️⃣ Once this page is written, place it on the chain
4️⃣ Whoever finishes writing first gets a reward (this is "mining")

So, "mining" isn't about digging for gold; it's about helping to keep the ledger and ensuring everyone follows the rules.

• When you hear "mining" or "block rewards," think: it incentivizes someone to help keep the books.

• Don't be fooled by the hype of "mining being highly profitable"; behind mining are technology and costs (electricity, hardware, time).

Share this with that friend who always thinks miners are just "making money."

🔖 In the next lesson, we will discuss:

"Why does block production speed affect transaction speed?"